Header graphic for print
Appraisal Rights Litigation Blog

Monthly Archives: August 2013

Institutional Investors Should Receive a Minimum Interest Award of 5.75% — and Arguably More — During the Pendency of an Appraisal Proceeding

Posted in Interest on Appraised Value

Institutional investors should be keenly aware of their returns during the pendency of an appraisal proceeding, since such costs may go a long way toward reimbursing the investor for the cost of such a proceeding. Under Delaware law, a shareholder who seeks to appraise the value of its shares is generally entitled to “interest from… Continue Reading

Post-Merger Evidence Is Generally Not Admissible To Prove The Company’s Fair Value: Actual Results May Vary

Posted in Fair Value, Post-Merger Evidence

A mining company is acquired and a shareholder who preferred the company’s long-term prospects to its short-term sale price exercises its appraisal rights. Fast forward to the appraisal exercise in court: the company’s primary asset to be valued is a gold mine that the company had acquired pre-merger but only first began to actively extract… Continue Reading

Delaware Chancery Court Rejects Merger Price as Measure of Fair Value in Appraisal Rights Cases

Posted in 60-Day Look-Back, Fair Value, Merger Price, Valuation Expert

As more fully explained in a Law360 article by the same authors of this Blog, just last month the Delaware Chancery Court squarely rejected any suggestion that the merger price paid for a company is a proxy for the fair value of its stockholders’ shares. Consistent with two landmark Delaware rulings of the past few… Continue Reading